Complete news archive

  • Indian fixed income heads named

    Nomura has appointed Nipun Goel as head of investment banking and Nitin Jain as co-head of fixed income in India. Neeraj Gambhir, who is currently the head of Nomura's credit business in India, will co-head the fixed income business along with Jain.

    Goel joins from Merrill Lynch India, where he spent 14 years, and has broad experience in capital markets. .......

    Job Swaps 3 March 2010

  • Reversal for declining REO trend?

    Remittance reports for the February distribution date indicate that the trend of declining REO stock in the US may have reversed, according to ABS analysts at Barclays Capital. The fraction of loans in REO rose by an average 3% month-on-month, due to an apparent increase in foreclosure-to-REO and lower demand.

    "While ABX represents a small fraction of the mortgage universe .......

    News Round-up 3 March 2010

  • 'Compelling' basis trade opportunities in REITs

    Compelling trade opportunities have emerged in sectors where the cash-CDS basis has recently become significantly more positive, according to credit strategists at Barclays Capital. These sectors include insurance, transportation and REITs.

    On average, the cash-CDS basis has become slightly less negative since early January, moving from -57bp to -50bp. It has also been extremely volatile on a sector level, becoming .......

    News Round-up 3 March 2010

  • Floating rate mutual fund launched

    Delaware Investments has launched a new mutual fund in the US - the Delaware Diversified Floating Rate Fund. The fund, which seeks to provide total return, is an actively managed portfolio that - under normal circumstances - invests at least 80% of its net assets in floating-rate securities, including non-agency MBS and ABS.

    The fund is managed by Roger Early .......

    Job Swaps 3 March 2010

  • Increased flows seen in simple FTDs

    A 'back to simplicity' bid in the structured credit market appears to be driving increased flows in simple FTD baskets, from both buyers and sellers of protection. Wide corporate credit spreads, high correlation and stress in the sovereign and US municipal sectors are behind the trend, according to credit derivatives strategists at Morgan Stanley.

    "Given our fair value to constructive .......

    News Round-up 3 March 2010

  • Securitisation pro to head China office

    Orrick, Herrington & Sutcliffe has appointed partner Michelle Taylor as its China office leader. Based in Hong Kong, Taylor assumes responsibility for overseeing the management and administration of the firm's three offices in Beijing, Hong Kong and Shanghai.

    Taylor began her career with Clifford Chance in London, before going to Hong Kong in 1997 to help develop the Asia-based English .......

    Job Swaps 3 March 2010

  • Relative value: trading the global basis

    Rishad Ahluwalia, executive director at JPMorgan, finds that...

    This week we focus on the global CLO basis, or the pricing relationship between US and European CLOs. While the CLO market has traditionally been a global market, given the similarity in structures and cross-regional nature of large parts of the investor base (banks, monolines), in this rally there has been a lag in European CLO prices, due in large .......

    Research Notes 3 March 2010

  • Alliance formed for CMBS loan restructuring

    The BSC Group has formed a marketing alliance with 1st Service Solutions to exclusively promote their loan restructuring services to storage owners and investors nationwide. The alliance was formed to help self-storage property owners obtain lower interest rates, reduced monthly payments and modified loan terms for their distressed properties, the two firms say.

    To achieve this, BSC and 1st Service .......

    Job Swaps 3 March 2010

  • Credit research head moves on

    Peter Lin has joined ASAP Expo's board of directors. He was previously investment credit research manager at WesCorp, heading structured finance securities credit research for a US$30bn investment portfolio. His research coverage includes US and foreign RMBS, CMBS, ABS and CDOs.

    Prior to joining WesCorp, Lin was an investment analyst at EquiView Capital, a hedge fund management company that specialises .......

    Job Swaps 3 March 2010

  • Fleet Street 2 resolutions passed

    The extraordinary resolutions proposing amendments to the notes and to the loan in European CMBS Fleet Street Finance Two have been passed. The restructuring proposal is the first case in European CMBS that includes an extension of the legal final maturity of the notes by three years (see SCI issue 171). Acceptance of the proposal could lead to other single-loan .......

    News 3 March 2010

  • Trepp acquires real estate analytics platform

    Trepp is to acquire Foresight Analytics. Foresight Analytics provides real estate analysis for commercial and residential real estate in both domestic and international markets on behalf of institutional investors, lenders and developers. The terms of the deal were not disclosed.

    Following the acquisition, Foresight Analytics research will be available to clients of Trepp's CMBS Analytics and TreppLoan products.

    .......

    Job Swaps 3 March 2010

  • Paris ruling brings FCT clarity

    Investors in European CMBS Windermere XII received a boost on 25 February when the Paris appeals court ruled that the Paris commercial court incorrectly applied a safeguard procedure to the borrower - La Defense SAS (HOLD) - last year (see SCI issue 158). This latest decision from the Paris appeals court brings relative clarity to the position of non-Fonds Commun .......

    News 3 March 2010

  • Synthetic CDO manager replaced

    S&P says it issued a total of 14 CDO rating confirmation letters in February, of which two were for cash and hybrid CDOs and 12 were for synthetic CDOs. The most common reasons for these rating confirmations have been: the replacement of an expired FX option and the extension of a currency forward in cash and hybrid CDOs; and the .......

    Job Swaps 3 March 2010

  • AIG unloads Asian insurance arm, repays FRBNY

    A definitive agreement for the sale of AIA Group to Prudential has been made for approximately US$35.5bn, including US$25bn in cash, US$8.5bn in face value of equity and equity-linked securities, and US$2bn in face value of preferred stock of Prudential, subject to closing adjustments.

    The cash portion of the proceeds from the sale, the largest to date in AIG's ongoing .......

    Job Swaps 3 March 2010

  • Ups and downs

    New structuring ideas emerging as regulatory regime develops

    Regulatory change continues to impact the vitality of the securitisation market, but at least the parameters of that change are becoming clearer as the year progresses. Within these parameters, new structuring ideas are beginning to be discussed.

    "The substance of regulatory change is pushing back on the vitality and robustness of the securitisation market, but I'm encouraged that at least .......

    News Analysis 3 March 2010

  • Upside opportunities

    US HPA consensus emerging

    Both ABX and subprime cash triple-As have been trading in a narrow 1-2 point range since mid-January, albeit on light volumes. Such stability suggests that a home price affordability (HPA) consensus is gradually emerging in the US.

    A recent JPMorgan poll on expectations for future home prices shows that almost 70% of investors expect HPA to drop by approximately 8% .......

    News Analysis 24 February 2010

  • Problem assets?

    Bank Trups CDO demand wanes as defaults escalate

    Defaults and deferrals in US bank Trups CDOs are escalating rapidly, with the cumulative combined default and deferral rate now standing at over 27%, according to Fitch. With that figure expected to rise further in 2010, the secondary market for bank Trups CDOs is under pressure. However, buyers are still to be found.

    Elton Wells, head of structured products at .......

    News Analysis 24 February 2010

  • New Fosse RMBS prepped

    Santander-owned Alliance & Leicester is set to sell new notes from its UK prime RMBS master trust, Fosse. Three tranches from the Series 2010-1 transaction have been assigned provisional triple-A ratings by Fitch, Moody's and S&P, all of which are sterling-denominated. The final size of the transaction has not yet been disclosed, although it is expected to be around £1bn-£1.5bn.

    News Round-up 24 February 2010

  • Greek triple-A tranches hit

    The three major rating agencies have taken rating actions on triple-A rated Greek transactions. The move comes as a result of an initial assessment of these deals within the context of the evolving sovereign situation, as well as the current economic and financial environment.

    This included a consideration of the existing credit enhancement levels because, in the event of the local .......

    News Round-up 24 February 2010

  • Trade receivable ABS opportunities mooted

    Trade receivables have proved a popular choice of asset for securitisation in recent times due to their short maturities, relatively straightforward deal structures and ability to provide companies without a top credit rating access to the capital markets. Securitisation lawyers at Dechert expect trade receivable ABS to continue to see demand as the global securitisation market recovers.

    An increased need .......

    News Round-up 24 February 2010

  • CDO manager acquired

    MJX Asset Management has acquired 250 Capital, an affiliate of Merrill Lynch. 250 Capital will continue to provide services in connection with the US$1.4bn Liberty Harbour CDO 2005-1, the US$308m North Cove CDO and the US$2.6bn North Cove III CDO, however.

    "This strategic acquisition demonstrates our commitment to growing our structured credit business, along with our corporate credit business," says .......

    Job Swaps 24 February 2010
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